JUP Cryptocurrency Faces Pressure with Bearish Sentiment and Key Support Level Being Tested

The cryptocurrency market has seen a surge in interest for JUP, but its technical analysis suggests that it is currently facing significant pressure.

Despite the broader market being in a risk-on environment, with the S&P 500 and NASDAQ-100 showing gains, JUP's chart indicates a downward trend. The RSI is at 41.45, neither overbought nor oversold, but the MACD displays bearish sentiment.

The Fibonacci analysis pinpoints $0.20 as a critical retracement level, which JUP has recently tested. If this support level is breached, it could signal a further decline in price.